Odessa, Texas is the country's No. 1 small town for job growth(take that, Medicine Bow, WY!), and here's how one multifamily investor broke in.

L5 Real Estate Investments entered Odessa in '09 at the pit of the recession, picking up 312 units as a "smart contrarian real estate investment," managing partner Mike Flaherty tells us. While they seemed to be on the road less traveled, L5 had research on their side. As small towns go, Odessa had a strong energy and oil growth story, and with barrels back up to $50 to $60, L5 believed from past cycles that jobs would soon follow. Plus they bought assets within walking distance to the largest mall. (Who doesn't crave Cinnabon after a day in the oil patch?)

With job growth (16%), oil recovery, and new multifamily supply coming online, L5 decided it was time to exit. "We've timed a number of markets well, but Odessa has definitely been the most profitable," Mike says. In two different ventures, L5 sold a value-add institutional buyer its two fully leased local properties: The Woodlands (above, owned with Odyssey Properties and Titan Real Estate Investment Group) and Windchase Townhomes & Apartments (owned with FireStarGroup). L5's shooting for 1,000 units/year, zeroing in on Texas and the Southeast.